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is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- rr s -- rrm, it'emy 2%, it can't be solved. i think there's broad recognition of that reality now. >> okay, julia. see, this is the problem with men. on sunday morning geithner went on "meet the press" like they're going to cave. >> that's not good tactics for negotiations. >> get him out and get some women -- the congresswoman we had on the other day, the republican congresswoman, mcmorris rogers. sorry about that, really tired, she's fantastic. get her at the table more. get more women to the table because that's just not the way to negotiate. i agree with the administration's position on this. >> the treasury secretary yesterday goes oh, yeah. we can go over the fiscal cliff. >> don't you think that's going to make everybody feel really good, the markets. >> the republicans are doing the same thing. somebody has to be better. >> but the republicans don'
is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- rr s -- rrm, it'emy 2%, it can't be solved. i think there's broad recognition of that reality now. >> okay, julia. see, this is the problem with men. on sunday morning geithner went on "meet the press" like they're going to cave. >> that's not good tactics for...
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. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential, that the money is not essential, that the dollar figure is not essential, that the rates going up are essential, and that's just interesting. going over the cliff comes with a lot of -- a lot of things that could affect the economy and the treasury secretary knows that. bill: 10% unemployment. tax rates for everybody going higher. what are you hearing on the house side? among the house republicans, whether or not they are behind the speaker, whether they are pulling away from him, where does that stand do you believe? >> reporter: you know, there are some on the house side that have a lot of concerns ab
. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential,...
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cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the bottom line is the president and speaker boehner ha
cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a...
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. >>> new movement this morning to try and avoid the fiscal cliff. some republicans are considering abandoning their staunch opposition to higher tax rates according to recent reports. alan simpson was co-chair on the commission of fiscal responsibility. he's a co-founder of fix the debt campaign and joins us now. senator simpson, good morning, it's great to see you. >> great pleasure to be off the witness protection program and come here. but what even more fun, david brubeck used to come to wyoming a great deal. he and his family, lovely people. i did not know he had passed. and to hear that music, it's iconic stuff. anyway. so it's good to sneak in and get made up, try to hide my identity. >> well, it's good to have you here. you say you're in the witness protection program because you've been out there on the issue of how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secret
. >>> new movement this morning to try and avoid the fiscal cliff. some republicans are considering abandoning their staunch opposition to higher tax rates according to recent reports. alan simpson was co-chair on the commission of fiscal responsibility. he's a co-founder of fix the debt campaign and joins us now. senator simpson, good morning, it's great to see you. >> great pleasure to be off the witness protection program and come here. but what even more fun, david brubeck...
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alisyn: if this pessimism is connected to the fiscal cliff, chris, they could resolve this. the clock is ticking. do you have any sense from inside the beltway of any movement? >> reporter: no, the democrats decide wad they want to do is go over the cliff because they will be in a better position on negotiating. the taxes will already goim and they will feel like they are in a better position to negotiate after that. so they are starting to feel plucky. the problem is as melissa says. the industries are pulling back -- they are dog in resources which sets us up for a dire first quarter of next year as we jump off the cliff. >> we have seen this before. with the debt ceiling debates, sometimes capitol hill and the white house should bring us right up to the edge, the 11th hour and lo and behold they have a deal. >> reporter: she they show up with deals they put together with chicken wire and bubble gum and duct tape and that's about what it's worth. i think the american people expect this. we have had uncertainty after uncertainty. when it gets resolved we don't see the upswi
alisyn: if this pessimism is connected to the fiscal cliff, chris, they could resolve this. the clock is ticking. do you have any sense from inside the beltway of any movement? >> reporter: no, the democrats decide wad they want to do is go over the cliff because they will be in a better position on negotiating. the taxes will already goim and they will feel like they are in a better position to negotiate after that. so they are starting to feel plucky. the problem is as melissa says. the...
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below that, governors say the fiscal cliff would hurt their states' economies. several governors met at the white house yesterday and with political leaders to say something needs to be done or their economies and on the state level will be heard. -- be hurt. let's go to walter in new jersey, independent caller. good morning. caller: good morning. i don't know what's wrong with these people, because they have to come to some kind of agreement. the gop has to give ground, taxes wouldybody's go up just to save 2%. it just does not cut it. it is a bad move politically and bad for the country. host: polloi in johnsonville, virginia. -- floyd. caller: i was thinking about the fiscal cliff. i don't think that's the problem at. the problem is when we fell off the moral cliff. our president said gay marriage was ok. and america killing so many babies. side,e get back on god's everything else will take care of itself. that's the way it is. a guy said it seemed like christians are down and out. let me tell you, christians are the happiest people there is, because we have
below that, governors say the fiscal cliff would hurt their states' economies. several governors met at the white house yesterday and with political leaders to say something needs to be done or their economies and on the state level will be heard. -- be hurt. let's go to walter in new jersey, independent caller. good morning. caller: good morning. i don't know what's wrong with these people, because they have to come to some kind of agreement. the gop has to give ground, taxes wouldybody's go...
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i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue by reforming our tax code. that means closing loopholes and limiting deductions. by closing loopholes and limiting deductions, we can make the tax code -- tax code simpler and fairer to stimulate growth in our economy. markets get the kind of certainty they need to invest, to grow and to hire. it's a growing economy, a growing economic base that creates more jobs and revenue, not higher taxes. the simple fact is, we must make america a great place to do business again. our pro-growth strategies in my home state of north dakota have broadened our economic base and raised revenue without raising taxes. that has resulted in the lowest unemployment rate in the nation. growing personal income and rather than a deficit, a budget surplus. in addition to pro-growth tax reform, we also need to start a fair and thoughtful process to reform entitlement prog
i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue by reforming our tax code. that means closing loopholes and limiting deductions. by closing loopholes and limiting deductions, we can make the tax code -- tax code simpler and fairer to stimulate growth in our economy. markets get the kind of certainty...
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we'll try to listen in a little more to see what he has to say about the fiscal cliff and otherwise. >> entirely on spending cuts, or a variation that has emerged is that we can do so while still lowering rates by closing loopholes and deductions. and you've heard from my team but let me just repeat. we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan that hits the numbers that are required for us to stabilize our debt and deficits. and -- [. [no audio] kwroe. jenna: we gave it our best shot. sometimes we can't do it. the president speaking at the white house at the business roundtable about the economy. fiscal cliff certainly the issue in the short term for a lot of big businesses and certainly for a lot of american taxpayers. however, long term is another story when it comes to the economy, and entitlements, the president referring to that as well. as we continue to get that feedback you can check it out
we'll try to listen in a little more to see what he has to say about the fiscal cliff and otherwise. >> entirely on spending cuts, or a variation that has emerged is that we can do so while still lowering rates by closing loopholes and deductions. and you've heard from my team but let me just repeat. we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get...
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Dec 4, 2012
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. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no agreement, you know the deal, everyone, everyone's taxes go up. representative tom price of georgia joins me now from capitol hill. he is a hard line republican. congressman, good to see you. thanks for coming on. >> yes, thank you so much. good to be with you. >> the republican plan published yesterday, it is note worthry, congressman price, it would raise more money through the tax system this and is a pretty big departure for your republican party. i just want to know, do you support this proposal put forward by the speaker of the house? >> well, this proposal is jus
. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no...
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cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week, can you characterize that call? did he have any kind of counter offer? also, we understand that he is making clear that it's got to be increase in rates for the wealthy or no deal. are you willing to give a little bit maybe not all the way to 39.6? >> the phone call was pleasant, just more of the same. the conversations that the staff had yesterday, just
cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass...
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. >>> starbucks' ceo howard schultz has some sobering advice to offer on that looming fiscal cliff. he says consequences will be far worse than last year's debt ceiling fight, when the u.s. credit rating was downgraded for the first time ever. if a deal is not reached, he told our poppy harlow, the ripple effect will be felt worldwide. >> this single issue has a seismic effect on the rest of the world, that we have never been as connected and the domino effect of a bad outcome here will have significant negative consequences, domestically and around the world. >>> take a minute to come over to your tv, if you can. penn state has another pr problem on its hands this morning. the university's kai omega sorority is being investigated for stereotyping latinos after a picture showed up on the site tumblr. the photo showed sorority members wearing fake mustaches and dressed in somberos while holding signs that say, "i don't cut grass, i smoke it." the president of the chapter has apologized. is that enough, soledad? >> ladies, as your multi-ethnic friend, let me help you. help me help you
. >>> starbucks' ceo howard schultz has some sobering advice to offer on that looming fiscal cliff. he says consequences will be far worse than last year's debt ceiling fight, when the u.s. credit rating was downgraded for the first time ever. if a deal is not reached, he told our poppy harlow, the ripple effect will be felt worldwide. >> this single issue has a seismic effect on the rest of the world, that we have never been as connected and the domino effect of a bad outcome...
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he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid of congressional approval of the debt ceili
he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on...
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cliff is putting jobs here in california and alison burns has more on this. >> reporter: and secretary panetta has warned the fiscal cliff would hurt our national defense. he's expected to hold a news conference any minute now. he's getting the order from the white house to brace for massive budget cut us. now, the automatic spending cuts that would kick in if congress does not reach an agreement on the fiscal cliff would force the pentagon to slice about 10% of the budget. the defense industry projects one in five defense contracts in california would be lost. the aerospace industry is projecting that 135,000 department jobs would be cut along with 90,000 jobs for a total of about 225,000 jobs lost in california over the next few years. alison burns, ktvu channel 2 news. >>> 8:16. well, today will mark the 9 oth annual lighting of the national christmas tree. president obama and his family, they will flip a switch lighting that tree this evening. neil patrick harris, remember doogie howser? he will be hosting the event. james taylor and the fray will be among the group of perform. pre
cliff is putting jobs here in california and alison burns has more on this. >> reporter: and secretary panetta has warned the fiscal cliff would hurt our national defense. he's expected to hold a news conference any minute now. he's getting the order from the white house to brace for massive budget cut us. now, the automatic spending cuts that would kick in if congress does not reach an agreement on the fiscal cliff would force the pentagon to slice about 10% of the budget. the defense...
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timothy geithner is trying to avoid plunging of the fiscal cliff. he has made clear that the obama administration is saying that the first order of business has to be to extend tax breaks for middle-class families and raise tax rates for the top 2% of income earners. talks over how to rein in entitlement spending should be held sometime next year. >> the president is asking for $1.6 trillion of new revenue over 10 years. twice as much as he has been asking for the public. his stimulus spending exceeded the amount of new cuts that he was willing to consider. it was not a serious offer. reporter: enter a new player in the talks, stephanie cutter. you remember her? she was the deputy campaign manager for the obama-biden ticket suggested that mitt romney might have committed a felony on his tax returns. sunday night, she e-mailed them to reach a fiscal deal. republicans have balked at raising those tax rates. they are identified by marcus at countries job creators. >> for the first time in two decades, they are there will tell revenues go up as part is
timothy geithner is trying to avoid plunging of the fiscal cliff. he has made clear that the obama administration is saying that the first order of business has to be to extend tax breaks for middle-class families and raise tax rates for the top 2% of income earners. talks over how to rein in entitlement spending should be held sometime next year. >> the president is asking for $1.6 trillion of new revenue over 10 years. twice as much as he has been asking for the public. his stimulus...
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host: we have been focusing on different aspects of the fiscal cliff. we want to look at capital gains tax and the estate tax. what is the estate tax? guest: it goes back to history -- it was put in place to prevent the united states from developing an aristocracy. a tax on estates that are passed down to heirs. republicans called the death tax. they have characterized it as a bad thing. it has a lot of a populist opposition to it. george w. bush signed in a phase-out of the estate tax. the top rate stays at 55%. the exemption level started rising from $1 million and going up. it was repealed completely in 2010 for one year. then it sprang back to life as part of the extension of the bush tax cuts that president obama signed into law. you have a debate -- very few members dispute that it needs to be continued. the debate is over whether you continue it at the current level. there is an exemption level, $10 million for a couple. or at the white house would prefer a 45% rate. that is the debate right now. there's a split among democrats. the white house w
host: we have been focusing on different aspects of the fiscal cliff. we want to look at capital gains tax and the estate tax. what is the estate tax? guest: it goes back to history -- it was put in place to prevent the united states from developing an aristocracy. a tax on estates that are passed down to heirs. republicans called the death tax. they have characterized it as a bad thing. it has a lot of a populist opposition to it. george w. bush signed in a phase-out of the estate tax. the top...
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we are looking at some tough economic numbers, even as we head toward the fiscal cliff, which could make it even worse. so we need to do all we can to ensure that our workers and our farmers have access to the 95% of consumers who live outside of our borders. that adds jobs. and when companies consider whether they're going to get into the export business or not which, again, creates opportunity here, they want to know are they going to be treated with certainty, predictability, with fairness in the marketplace. exporters need to know that the country doesn't play by the rules, that country will then face consequences. and those consequences really is what the world trade organization is all about. that's why this discussion is so important, because by today or tomorrow voting to authorize permanent normal trade relations with russia, we then can take advantage of the world trade organization rules as they relate to russia and our trade with them. russia joined the w.t.o. on august 22, and the united states was a big part of that accession we were talking for 18 years with russia to ensu
we are looking at some tough economic numbers, even as we head toward the fiscal cliff, which could make it even worse. so we need to do all we can to ensure that our workers and our farmers have access to the 95% of consumers who live outside of our borders. that adds jobs. and when companies consider whether they're going to get into the export business or not which, again, creates opportunity here, they want to know are they going to be treated with certainty, predictability, with fairness...
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. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next year anticipating what's going to happen. we can fix this christmas eve if we want, but we've already hurt the economy and job growth. >> are you with boehner? >> i'm not with boehner. this government doesn't need anymore money. this country needs less government. we're going to have historic levels of revenue to the government this year. >> everyone's taxes are going up at the end of the year if there's no deal. >> we have already offered to extend current tax rates. that's what we should have done six months ago until we could come to some agreement, some compromise on tax reform. >> wh
. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next...
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not that far down the road but get into 2013, get the fiscal cliff thing behind us. why? >> i think tom coburn and the president have slightly different reasons for it. but the problem with just doing tax reform when you don't have the rates going back up is that these deductions and credits that we're going to have to go after to reform, they primarily benefit people at the top. but they also benefit middle-class families. and if you just change those then what you end up doing is raising taxes on middle-class families as well. to get the same amount of revenue. in other words, if you're trying to get a revenue target, let's say $1.6 trillion which is what the president wants. you try to do that just by reforming the code, without the rates. you don't touch the rates. the only way to do it is to get the money out of the middle class. the president doesn't want to do that and most people don't want to do that. but if you let the rates go back up, you're basically halfway to your revenue target and you can get the rest of the revenue from reforms without hurting lower and
not that far down the road but get into 2013, get the fiscal cliff thing behind us. why? >> i think tom coburn and the president have slightly different reasons for it. but the problem with just doing tax reform when you don't have the rates going back up is that these deductions and credits that we're going to have to go after to reform, they primarily benefit people at the top. but they also benefit middle-class families. and if you just change those then what you end up doing is...
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cliff. also president obama's getting ready to speak this hour about an urgent national security issue. u.s.-led efforts to try to track down and eliminate loose nuclear weapons. that's coming up. >>> also, frightening now revelations about an al qaeda plot for a three-part terror attack on the united states embassy in iman, jordan. i'll ask the country's foreign minister for details. he's standing by live. i'm wolf blitzer. you're in "the situation room." >>> we begin this afternoon with brand-new republican offers to try to save the $2.2 trillion and avoid the so-called fiscal cliff. the across-the-board spending cuts and sharp tax increases that hit in just 29 days. let's get straight to our senior congressional correspondent dana bash. she's watching what's going on. dana, the tax rates, first of all, let's get to a major sticking point right now. there's been a counterproposal from house republicans to the white house. you have details. >> reporter: that's right. let's start exactly whe
cliff. also president obama's getting ready to speak this hour about an urgent national security issue. u.s.-led efforts to try to track down and eliminate loose nuclear weapons. that's coming up. >>> also, frightening now revelations about an al qaeda plot for a three-part terror attack on the united states embassy in iman, jordan. i'll ask the country's foreign minister for details. he's standing by live. i'm wolf blitzer. you're in "the situation room." >>> we...
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cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets, and the republicans refusing. after rejecting the obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> reporter: -- a senior white house official assailed it as a step backward, saying if republicans do not agree to some higher rates for wealthier taxpayer, the nation will go over the cliff, and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck. so the lack of progress is not yet resulted in a market plunge. but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. the official dead
cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets, and the republicans refusing. after rejecting the obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >>...
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. >> the white house drew its own line in the sand and said tax rates must go up on the top earners, but -- >> the middle-class tax cut should be made permanent. >> president obama stayed out of the fiscal cliff discussions and sat down for lunch with former rival mitt romney. >> i am sure they will or have already compared experiences on the campaign trail. >> today president obama hits the road to push for his plan to avoid the fiscal cliff. but republicans have slammed him for campaign-style politics that they say just won't get the job done. rob and sunny, back to you. >> can you really imagine that they're not going to reach some sort of deal to avoid the fiscal cliff? i mean that would be so unpopular across the nation. >> you would -- if you can take an action that would solve the problem for 98% of the country and then come back to the debate about the wealthiest 2%, let's get that first chunk done. republicans fear they could lose leverage if they cave in on the middle-class issue. apparently the president, his team has made increased demand here including, a provision now,
. >> the white house drew its own line in the sand and said tax rates must go up on the top earners, but -- >> the middle-class tax cut should be made permanent. >> president obama stayed out of the fiscal cliff discussions and sat down for lunch with former rival mitt romney. >> i am sure they will or have already compared experiences on the campaign trail. >> today president obama hits the road to push for his plan to avoid the fiscal cliff. but republicans have...